Crop Revenue and Yield Insurance Demand: A Subjective Probability Approach

A multinomial logit is utilized to model the choice of whether to purchase yield or revenue insurance using subjectively elicited survey data. Our results indicate that the demand for crop insurance is inelastic (-0.40), consistent with most earlier yield elasticity estimates, but the elasticity for choices between yield and revenue insurance is found to be relatively more elastic (-0.88).crop insurance, elasticities, multinomial logit model, revenue demand, subjective elicitation, survey, Agribusiness, Crop Production/Industries, Demand and Price Analysis, Q18,

THE ECONOMIC FACTORS INFLUENCING PRODUCERS' DEMAND FOR FARM MANAGERS

Results from a Tobit model showed a complementary relationship between marketing inputs and the decision to hire farm managers. According to the results, as farmers increase expenditure on marketing consultants and information systems, their expenditure on farm managers increase as well.Farm Management,

Target Markets for Grain and Cotton Marketing Consultants and Market Information Systems

This paper examines the use of market consultants and market information systems by grain and cotton producers. A model of producer demand for marketing information and consultants is proposed that decomposes price received into exogenous and endogenous components. The analysis is based on a survey of over 1,600 producers. The results suggest that expenditures on market information systems and market consultants are not independent and, more specifically, expenditures on marketing consultants substitute for expenditures on market information systems.expected utility, market information, marketing, risk, Tobit, Marketing,

Preference for Risk Management Information Sources: Implications for Extension and Outreach Programming

This article examines farmers’ preferences for various risk management information sources. Our results suggest that information from risk management experts, in-depth materials studied on their own, and popular press outlets tend to be preferred and are ranked highly by producers. Using a regression model to investigate farmer/farm attributes that affect preference for a particular risk management information source, we find that younger farmers with college education, higher leverage, assets greater than $1 million, risk-loving attitudes, and who have used professional services (marketing consultants) tend to prefer information from risk management experts, the Internet, and marketing clubs/other producers. On the other hand, producers who prefer self-study of educational materials and popular press information sources tend to be younger, with lower leverage levels, and have used fewer professional services.crop insurance, extension, information sources, outreach, risk management, Risk and Uncertainty,

EXTENSION EDUCATORS' SUPPLY OF RISK MANAGEMENT TRAINING TO FARMERS

A univariate Tobit model of extension educators' provision of risk management educational training was conducted in Mississippi, Texas, Indiana, and Nebraska. A complementary relationship exists between percent of time devoted to agricultural responsibilities and the provision of risk management training courses. The results indicate that, as extension educators perceive farmers to be more knowledgeable of risk management tools, their provision of risk management education decreases. On the other hand, the provision of risk management courses increase as extension educators perceive themselves as being more knowledgeable on the use of risk management tools.Teaching/Communication/Extension/Profession,

A Bayesian simulation approach for estimating value of information : an application to frost forecasting

Published May 1977. Facts and recommendations in this publication may no longer be valid. Please look for up-to-date information in the OSU Extension Catalog: http://extension.oregonstate.edu/catalo

The Department of Agricultural Economics: Relevant, Responsive, Respected

The Department of Agricultural Economics is committed to being relevant and responsive to the needs of Nebraskans. These basic principles guide our teaching, research and extension/outreach programs

Agricultural Economics: The Year In Review

Undergraduate programs continue to be a mainstay for the Department of Agricultural Economics. In an ongoing effort to match our offerings with the market demands for our graduates, we have implemented four new options in the Natural Resources and Environmental Economics major. This, combined with the options in the Agribusiness and Agricultural Economics majors allows students to customize their program to meet particular career goals. As a result of diligent efforts by faculty and staff, student enrollment for fall semester 2008 increased by 13.2 percent over the 2007 fall semester. This increase was greater than the College average

A Theory of Production, Investment, and Disinvestment

Rural change often involves altering the combination of durable assets owned by an economic unit. Rural change may involve the acquisition of additional durables, the disposal of current durables, or using retained durables in a different manner. The current theories of production, investment, and disinvestment in durable assets do not handle accurately the issues relating to using durable assets at varying rates, nor do they specify completely the related issue of the optimal length of life for durable assets. In this paper, we consider a production process which has both durable assets and the flow of services from the durables as inputs. We allow for a varying extraction rate and determine internally both the optimal amount of services to extract from the durable in each production period as well as the optimal life for the durable. We relate the optimal production activities associated with the durable to investments and disinvestments in the durable. The economic theory which guides decisions concerning these changes is important to decisionmakers at micro, regional, national, and supranational levels